1. What is the official currency of Slovakia?

The official currency of Slovakia is the euro.

2. Are there any restrictions on foreign currency transactions in Slovakia?

Yes, there are some restrictions on foreign currency transactions in Slovakia. Foreign currency transactions exceeding 15,000 euros must be reported to the National Bank of Slovakia (NBS). Additionally, there are restrictions on foreign investments and transfers for certain sectors, such as agriculture and energy.
Furthermore, non-residents must obtain permission from the NBS for any divestment that exceeds 10% of the share capital of a Slovak company or for any acquisition that results in a total foreign ownership of more than 49% of a Slovak company.
Foreign currency transactions may also be subject to anti-money laundering laws and regulations. It is important to consult with a financial expert or legal advisor before engaging in any significant foreign currency transactions in Slovakia.

3. What is the current exchange rate for local currency to US dollar in Slovakia?

As of November 2021, the current exchange rate for the Slovak koruna (SKK) to the US dollar (USD) is approximately 0.0126 USD for every 1 SKK. This means that 1 USD is equivalent to approximately 79 SKK. However, it should be noted that Slovakia officially adopted the euro (EUR) as its currency in 2009 and has since discontinued the use of the Slovak koruna. Therefore, it is likely that most transactions in Slovakia will be conducted in euros rather than in dollars.

4. Is it better to use cash or credit cards for purchases in Slovakia?

In general, credit cards are widely accepted and recommended for purchases in Slovakia. However, some smaller businesses may prefer cash or have limited payment options available. It is a good idea to have some cash on hand for smaller purchases or in case of emergencies.

5. Do businesses in Slovakia typically accept US dollars or do they prefer local currency?

It is recommended to use the local currency, euro, in Slovakia for most transactions. Businesses may accept US dollars in certain tourist areas, but it is not common practice. It is advisable to exchange currency at a bank or ATMs for the best exchange rate.

6. Are there any hidden fees or charges when exchanging money in Slovakia?

It is unlikely that there will be any hidden fees or charges when exchanging money in Slovakia. However, it is always best to check with the exchange office or bank beforehand to ensure transparency and avoid any surprises. Additionally, you may want to ask about the exchange rate and any commission fees that may apply. ATM fees may also vary depending on your bank and the ATM used. It is recommended to inform your bank before traveling to avoid any issues with using your card abroad.

7. Can I use ATMs from my home country bank in Slovakia to withdraw money?

It is possible to use ATMs from your home country bank in Slovakia to withdraw money, but you will likely incur international transaction fees and exchange rate charges. It is recommended to check with your bank beforehand to see if they have any partnered banks or agreements in Slovakia that may offer reduced fees.

8. Is it necessary to tip service workers and what is the customary amount in Slovakia?

In Slovakia, it is not necessary to tip service workers. However, if you are satisfied with the service, a small tip of 10% of the total bill is considered customary. It is also common to round up the bill to the nearest euro as a gesture of appreciation. Tipping for services such as hairdressing or taxi rides is also appreciated but not expected.

9. Can I purchase traveler’s checks before traveling to Slovakia, and are they widely accepted?

Yes, you can purchase traveler’s checks before traveling to Slovakia. These checks can be bought from most banks or currency exchange companies. However, traveler’s checks are not widely accepted in Slovakia and may be difficult to cash. Therefore, it is recommended to carry some cash and a debit or credit card for payment purposes while traveling in Slovakia.

10. Are there any restrictions or limits on bringing foreign currency into or out of Slovakia?

There are no restrictions or limits on bringing foreign currency into or out of Slovakia for both EU and non-EU citizens. However, if the amount being brought in or taken out exceeds 10,000 euros (or equivalent in other currencies), it must be declared to customs officials. Failure to declare may result in a fine or seizure of the funds.

11. Do major hotels and restaurants accept credit cards, and if so, which types are most commonly accepted?

Major hotels and restaurants in most destinations commonly accept credit cards. The most commonly accepted types of credit cards are Visa, Mastercard, American Express, and Discover. In some international destinations, you may also find that Diners Club or JCB are accepted. It is always best to double check with the specific hotel or restaurant before making a reservation to ensure that your credit card will be accepted.

12. Are there any unique features of the currency used in Slovakia, such as coins with different values or special designs?

Slovakia uses the euro as its official currency, which has standard denominations (1c, 2c, 5c, 10c, 20c, 50c, €1 and €2 coins) that are used across all eurozone countries. However, Slovakia does have its own national designs on the back of some of its euro coins. For example, the 1c – 2c coins feature a Krivan mountain design and the 20c – €2 coins feature a Bratislava castle design. These designs were chosen through a public vote in Slovakia before the country adopted the euro in 2009. Additionally, there is also a unique €2 commemorative coin featuring Slovak national hero Milan Rastislav Štefánik that was issued in 2019 to mark the Centenary of his Untimely Death.

13. Is haggling acceptable when making purchases, especially in markets and smaller shops?

Yes, haggling is generally acceptable in markets and smaller shops. It is a common practice in many countries, including the Philippines. However, it is important to be respectful and polite while negotiating prices.

14. Can I pay for goods and services with a mix of both local currency and US dollars?

This would depend on the specific policies of the seller or service provider. Some may accept a mix of both currencies, while others may only accept one or the other. It is best to check with the seller beforehand to determine their accepted forms of payment.

15. What is the most convenient way to exchange money while traveling through different regions of Slovakia?

The most convenient way to exchange money while traveling through different regions of Slovakia is to use your bank card to withdraw cash from an ATM. Most banks and major stores in Slovakia accept international debit and credit cards, making it easy to access local currency. You can also exchange money at banks or exchange offices, but be aware that they may charge higher fees. It is recommended to check with your bank before traveling to ensure that your card will work abroad without any issues.

16. Are there alternative forms of payment in addition to cash and credit cards, such as mobile payments or digital wallets in Slovakia?

Yes, there are alternative forms of payment available in Slovakia. Some popular options include:
– Debit and credit cards: Most retailers and businesses accept major international credit and debit cards such as Visa, Mastercard, and American Express.
– Mobile payments: Popular mobile payment apps in Slovakia include Google Pay, Apple Pay, and Samsung Pay. These allow users to make contactless payments with their smartphones at participating merchants.
– Digital wallets: Services such as PayPal and Skrill are also widely used for online payments in Slovakia.

17. Are tips expected in Slovakia?
Tipping is not mandatory in Slovakia, but it is appreciated for good service. A typical tip is 10% of the total bill. In restaurants, the tip may already be included in the bill so it’s always a good idea to check before tipping again. Taxi drivers also appreciate small tips or rounding up the fare to the nearest euro.

17. Is tipping expected during taxi rides, at hotels, or at other specific locations like spas or salons in Slovakia?

Tipping is not expected during taxi rides in Slovakia, but you can round up the fare if you are satisfied with the service. At hotels, it is common to leave a small tip for housekeeping or concierge services. Tipping at spas or salons is also not expected, but you can leave a small tip if you are happy with the service. Overall, tipping is not as common in Slovakia as it is in other countries, but leaving a small amount as a gesture of appreciation is always appreciated.

18. Are there certain stores where tourists can receive tax refunds on their purchases before leaving Slovakia?

Yes, tourists visiting Slovakia can receive tax refunds on their purchases at designated stores through the VAT refund scheme. The stores must be part of the Tax-Free Shopping network, and the purchase must meet certain criteria, such as a minimum value and export outside of the EU. Tourists can then claim their refund at the airport or border crossing before leaving Slovakia.

19..How should I handle my leftover foreign currency when departing from Slovakia, including coins and smaller bills?

1. Exchange it back to your local currency: The most popular option is to exchange your leftover foreign currency for your local currency at a bank or currency exchange kiosk before departing Slovakia. However, do note that you may incur fees and exchange rates may not be favourable.

2. Use it during your trip: If you are planning on traveling to another country that uses the same currency, you can use your leftover foreign currency during your trip instead of exchanging it back to your local currency.

3. Keep it for future travels: If you plan on visiting Slovakia again or another country that uses the same currency, you can keep your leftover money for future trips.

4. Use it at the airport: Many airports have shops, restaurants, and duty-free outlets that accept multiple currencies, including coins and smaller bills. You can use up your leftover foreign currency at the airport before departing.

5. Donate it to charity: Some charities may accept donations in a variety of currencies. Consider donating your leftover foreign currency to a cause or organization that you support.

6. Give it as a gift: If you have friends or family members who are planning on visiting Slovakia or another country that uses the same currency, you can give them your leftover money as a gift.

7. Keep it as a souvenir: Foreign coins and bills can make unique souvenirs from your travels. You can keep them as a reminder of your trip to Slovakia or add them to a collection.

20. Is there a limit on the amount of local currency I can withdraw from ATMs in Slovakia each day?

The limit for cash withdrawals from an ATM in Slovakia varies depending on the bank and account type. Some banks may have a daily limit of 400-500 EUR, while others may allow withdrawals up to 1000 EUR or more. It is best to check with your bank beforehand to confirm their specific limits.